DESPITE the recent recovery in household consumption, the Philippine economy is expected to post slower growth this year and in the next two years, according to the latest estimates of the World Bank.
In its Global Economic Prospects (GEP) report, the Washington-based lender said the Philippines is expected to post a growth of 5.7 percent in 2022 and 5.6 percent in the next two years.
The GDP forecast this year is 0.2 percentage points lower than its forecast in January and the forecast for 2023 is lower by 0.1 percentage points. The growth estimate for 2024 is new.
“Growth is projected to be 5.7 percent in the Philippines in 2022, supported by sustained public investment and recovering household consumption, and then moderate to 5.6 percent in 2023,” the World Bank said.
“Median annual headline consumer inflation in the region is expected to surpass 3 percent in 2022 [above previous expectations], with inflation now…